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United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended: March 31, 2024
Or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ________________ to ________________
Commission file number: 001-13221
Cullen/Frost Bankers, Inc.
(Exact name of registrant as specified in its charter)
Texas74-1751768
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
111 W. Houston Street,San Antonio,Texas78205
(Address of principal executive offices)(Zip code)
(210)220-4011
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on
which registered
Common Stock, $.01 Par ValueCFRNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 4.450% Non-Cumulative Perpetual Preferred Stock, Series BCFR.PrBNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of April 18, 2024, there were 64,254,270 shares of the registrant’s Common Stock, $.01 par value, outstanding.



Cullen/Frost Bankers, Inc.
Quarterly Report on Form 10-Q
March 31, 2024
Table of Contents
 Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
Item 3.
Item 4.
Item 5.
Item 6.
2

Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Cullen/Frost Bankers, Inc.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
March 31,
2024
December 31,
2023
Assets:
Cash and due from banks$511,173 $617,569 
Interest-bearing deposits7,868,694 7,985,057 
Resell agreements84,650 84,650 
Total cash and cash equivalents8,464,517 8,687,276 
Securities held to maturity, net of allowance for credit losses of $310 at both March 31, 2024 and December 31, 2023
3,600,729 3,619,428 
Securities available for sale, at estimated fair value15,181,583 16,578,371 
Trading account securities39,645 31,717 
Loans, net of unearned discounts19,388,206 18,824,251 
Less: Allowance for credit losses on loans(250,297)(245,996)
Net loans19,137,909 18,578,255 
Premises and equipment, net1,210,897 1,190,033 
Accrued interest receivable and other assets1,870,144 2,159,958 
Total assets$49,505,424 $50,845,038 
Liabilities:
Deposits:
Non-interest-bearing demand deposits$13,754,985 $14,926,094 
Interest-bearing deposits27,051,501 26,994,474 
Total deposits40,806,486 41,920,568 
Federal funds purchased41,200 14,200 
Repurchase agreements3,943,207 4,127,188 
Junior subordinated deferrable interest debentures, net of unamortized issuance costs123,141 123,127 
Subordinated notes, net of unamortized issuance costs99,530 99,491 
Accrued interest payable and other liabilities853,680 844,017 
Total liabilities45,867,244 47,128,591 
Shareholders’ Equity:
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; 150,000 Series B shares ($1,000 liquidation preference) issued at March 31, 2024 and December 31, 2023
145,452 145,452 
Common stock, par value $0.01 per share; 210,000,000 shares authorized; 64,404,582 shares issued at both March 31, 2024 and December 31, 2023
644 644 
Additional paid-in capital1,059,547 1,055,809 
Retained earnings3,726,559 3,657,688 
Accumulated other comprehensive income (loss), net of tax(1,276,283)(1,119,219)
Treasury stock, at cost; 153,312 shares at March 31, 2024 and 219,295 at December 31, 2023
(17,739)(23,927)
Total shareholders’ equity3,638,180 3,716,447 
Total liabilities and shareholders’ equity$49,505,424 $50,845,038 
See accompanying Notes to Consolidated Financial Statements.

3

Cullen/Frost Bankers, Inc.
Consolidated Statements of Income
(Dollars in thousands, except per share amounts)
Three Months Ended
March 31,
20242023
Interest income:
Loans, including fees$330,540 $269,715 
Securities:
Taxable98,062 97,775 
Tax-exempt55,259 66,634 
Interest-bearing deposits100,361 99,245 
Federal funds sold80 758 
Resell agreements1,198 1,068 
Total interest income585,500 535,195 
Interest expense:
Deposits155,634 97,989 
Federal funds purchased444 583 
Repurchase agreements35,948 33,651 
Junior subordinated deferrable interest debentures2,259 1,988 
Subordinated notes1,164 1,164 
Total interest expense195,449 135,375 
Net interest income390,051 399,820 
Credit loss expense13,650 9,104 
Net interest income after credit loss expense376,401 390,716 
Non-interest income:
Trust and investment management fees39,085 36,144 
Service charges on deposit accounts24,795 21,879 
Insurance commissions and fees18,296 18,952 
Interchange and card transaction fees4,474 4,889 
Other charges, commissions, and fees12,060 11,704 
Net gain (loss) on securities transactions 21 
Other12,667 11,676 
Total non-interest income111,377 105,265 
Non-interest expense:
Salaries and wages148,000 130,345 
Employee benefits35,970 33,922 
Net occupancy31,778 30,349 
Technology, furniture, and equipment34,995 32,481 
Deposit insurance14,724 6,245 
Other60,750 51,800 
Total non-interest expense326,217 285,142 
Income before income taxes161,561 210,839 
Income taxes25,871 33,186 
Net income135,690 177,653 
Preferred stock dividends1,669 1,669 
Net income available to common shareholders$134,021 $175,984 
Earnings per common share:
Basic$2.06 $2.71 
Diluted2.06 2.70 
See accompanying Notes to Consolidated Financial Statements.
4

Cullen/Frost Bankers, Inc.
Consolidated Statements of Comprehensive Income (Loss)
(Dollars in thousands)
Three Months Ended
March 31,
20242023
Net income$135,690 $177,653 
Other comprehensive income (loss), before tax:
Securities available for sale and transferred securities:
Change in net unrealized gain/loss during the period(199,075)260,269 
Change in net unrealized gain on securities transferred to held to maturity(159)(160)
Reclassification adjustment for net (gains) losses included in net income (21)
Total securities available for sale and transferred securities(199,234)260,088 
Defined-benefit post-retirement benefit plans:
Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit)418 870 
Total defined-benefit post-retirement benefit plans418 870 
Other comprehensive income (loss), before tax(198,816)260,958 
Deferred tax expense (benefit)
(41,752)54,802 
Other comprehensive income (loss), net of tax(157,064)206,156 
Comprehensive income (loss)$(21,374)$383,809 
See accompanying Notes to Consolidated Financial Statements.
5

Cullen/Frost Bankers, Inc.
Consolidated Statements of Changes in Shareholders’ Equity
(Dollars in thousands, except per share amounts)
Preferred
Stock
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
Treasury
Stock
Total
Three months ended:
March 31, 2024
Balance at beginning of period$145,452 $644 $1,055,809 $3,657,688 $(1,119,219)$(23,927)$3,716,447 
Net income— — — 135,690 — — 135,690 
Other comprehensive income (loss), net of tax— — — — (157,064)— (157,064)
Stock option exercises/stock unit conversions (84,176 shares)
— — — (5,346)— 8,261 2,915 
Stock-based compensation expense recognized in earnings— — 3,738 — — — 3,738 
Purchase of treasury stock (18,193 shares)
— — — — — (2,073)(2,073)
Cash dividends – Series B preferred stock (approximately $11.13 per share which is equivalent to approximately $0.28 per depositary share)
— — — (1,669)— — (1,669)
Cash dividends – common stock ($0.92 per share)
— — — (59,804)— — (59,804)
Balance at end of period$145,452 $644 $1,059,547 $3,726,559 $(1,276,283)$(17,739)$3,638,180 
March 31, 2023
Balance at beginning of period$145,452 $643 $1,029,756 $3,309,671 $(1,348,294)$ $3,137,228 
Net income— — — 177,653 — — 177,653 
Other comprehensive income (loss), net of tax— — — — 206,156 — 206,156 
Stock option exercises/stock unit conversions (50,387 shares)
— 1 1,463 (28)— 64 1,500 
Stock-based compensation expense recognized in earnings— — 4,742 — — 4,742 
Purchase of treasury stock (9,183 shares)
— — — — — (1,173)(1,173)
Cash dividends – Series B preferred stock (approximately $11.13 per share which is equivalent to approximately $0.28 per depositary share)
— — — (1,669)— — (1,669)
Cash dividends – common stock ($0.87 per share)
— — — (56,636)— — (56,636)
Balance at end of period$145,452 $644 $1,035,961 $3,428,991 $(1,142,138)$(1,109)$3,467,801 
See accompanying Notes to Consolidated Financial Statements


6

Cullen/Frost Bankers, Inc.
Consolidated Statements of Cash Flows
(Dollars in thousands)
Three Months Ended
March 31,
20242023
Operating Activities:
Net income$135,690 $177,653 
Adjustments to reconcile net income to net cash from operating activities:
Credit loss expense13,650 9,104 
Deferred tax expense (benefit)(4,446)(1,809)
Accretion of loan discounts(4,966)(5,125)
Securities premium amortization (discount accretion), net13,248 20,520 
Net (gain) loss on securities transactions (21)
Depreciation and amortization20,236 18,472 
Net (gain) loss on sale/write-down of assets/foreclosed assets91 (284)
Stock-based compensation3,738 4,742 
Net tax benefit from stock-based compensation373 342 
Earnings on life insurance policies(909)(625)
Net change in:
Trading account securities(3,558)1,739 
Lease right-of-use assets6,220 4,952 
Accrued interest receivable and other assets331,765 132,345 
Accrued interest payable and other liabilities(22,698)(193,659)
Net cash from operating activities488,434 168,346 
Investing Activities:
Securities held to maturity:
Purchases (839,794)
Maturities, calls and principal repayments17,692 67,311 
Securities available for sale:
Purchases(927,165)(7,308,338)
Sales 884,273 
Maturities, calls and principal repayments2,134,363 6,926,125 
Proceeds from sale of loans300  
Net change in loans(566,638)(334,708)
Benefits received on life insurance policies129 212 
Proceeds from sales of premises and equipment4 1,176 
Purchases of premises and equipment(38,184)(46,103)
Proceeds from sales of repossessed properties 558 
Net cash from investing activities620,501 (649,288)
Financing Activities:
Net change in deposits(1,114,082)(1,770,041)
Net change in short-term borrowings(156,981)(417,397)
Proceeds from stock option exercises2,915 1,500 
Purchase of treasury stock(2,073)(1,173)
Cash dividends paid on preferred stock(1,669)(1,669)
Cash dividends paid on common stock(59,804)(56,636)
Net cash from financing activities(1,331,694)(2,245,416)
Net change in cash and cash equivalents(222,759)(2,726,358)
Cash and cash equivalents at beginning of period8,687,276 12,028,132 
Cash and cash equivalents at end of period$8,464,517 $9,301,774 

See accompanying Notes to Consolidated Financial Statements.
7

Notes to Consolidated Financial Statements
(Table amounts in thousands, except for share and per share amounts)
Note 1 - Significant Accounting Policies
Nature of Operations. Cullen/Frost Bankers, Inc. (“Cullen/Frost”) is a financial holding company and a bank holding company headquartered in San Antonio, Texas that provides, through its subsidiaries, a broad array of products and services throughout numerous Texas markets. The terms “Cullen/Frost,” “the Corporation,” “we,” “us” and “our” mean Cullen/Frost Bankers, Inc., and its subsidiaries, when appropriate. In addition to general commercial and consumer banking, other products and services offered include trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory and item processing.
Basis of Presentation. The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of Cullen/Frost and all other entities in which Cullen/Frost has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies we follow conform, in all material respects, to accounting principles generally accepted in the United States and to general practices within the financial services industry.
The consolidated financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but in the opinion of management, reflect all adjustments necessary for a fair presentation of our financial position and results of operations. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2023, included in our Annual Report on Form 10-K filed with the SEC on February 6, 2024 (the “2023 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for loan losses and the fair values of financial instruments and the status of contingencies are particularly subject to change.
Cash Flow Reporting. Additional cash flow information was as follows:
Three Months Ended
March 31,
20242023
Cash paid for interest$191,569 $129,207 
Cash paid for income taxes  
Significant non-cash transactions:
Unsettled securities transactions26,255 303,242 
Right-of-use lease assets obtained in exchange for lessee operating lease liabilities4,097 2,879 
Accounting Changes, Reclassifications and Restatements. Certain items in prior financial statements have been reclassified to conform to the current presentation.
8

Note 2 - Securities
Securities - Held to Maturity. A summary of the amortized cost, fair value and allowance for credit losses related to securities held to maturity as of March 31, 2024 and December 31, 2023 is presented below.
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Allowance
for Credit
Losses
Net
Carrying
Amount
March 31, 2024
Residential mortgage-backed securities
$1,239,420 $ $69,069 $1,170,351 $ $1,239,420 
States and political subdivisions
2,360,119 20,197 100,817 2,279,499 (310)2,359,809 
Other1,500  34 1,466  1,500 
Total$3,601,039 $20,197 $169,920 $3,451,316 $(310)$3,600,729 
December 31, 2023
Residential mortgage-backed securities
$1,250,431 $76 $54,175 $1,196,332 $ $1,250,431 
States and political subdivisions
2,367,807 42,990 76,540 2,334,257 (310)2,367,497 
Other1,500  45 1,455  1,500 
Total$3,619,738 $43,066 $130,760 $3,532,044 $(310)$3,619,428 
All mortgage-backed securities included in the above table were issued by U.S. government agencies and corporations. The carrying value of held-to-maturity securities pledged to secure public funds, trust deposits, repurchase agreements and for other purposes, as required or permitted by law was $820.1 million and $1.0 billion at March 31, 2024 and December 31, 2023, respectively. Accrued interest receivable on held-to-maturity securities totaled $20.3 million and $40.9 million at March 31, 2024 and December 31, 2023, respectively and is included in accrued interest receivable and other assets in the accompanying consolidated balance sheets.
From time to time, we have reclassified certain securities from available for sale to held to maturity. The net unamortized, unrealized gain remaining on transferred securities included in accumulated other comprehensive income in the accompanying balance sheet totaled $992 thousand ($784 thousand, net of tax) at March 31, 2024 and $1.2 million ($909 thousand, net of tax) at December 31, 2023. This amount will be amortized out of accumulated other comprehensive income over the remaining life of the underlying securities as an adjustment of the yield on those securities.
The following table summarizes Moody's and/or Standard & Poor's bond ratings for our portfolio of held-to-maturity securities issued by States and political subdivisions and other securities as of March 31, 2024 and December 31, 2023:
States and Political Subdivisions
Not Guaranteed or Pre-RefundedGuaranteed by the Texas PSFGuaranteed by Third PartyPre-RefundedTotalOther
Securities
March 31, 2024
Aaa/AAA$301,620 $1,538,918 $13,648 $1,091 $1,855,277 $ 
Aa/AA498,734  6,108  504,842  
Not rated     1,500 
Total$800,354 $1,538,918 $19,756 $1,091 $2,360,119 $1,500 
December 31, 2023
Aaa/AAA$301,721 $1,541,913 $13,651 $1,401 $1,858,686 $ 
Aa/AA
503,016  6,105  509,121  
Not rated     1,500 
Total$804,737 $1,541,913 $19,756 $1,401 $2,367,807 $1,500 
9

The following table details activity in the allowance for credit losses on held-to-maturity securities during the three months ended March 31, 2024 and 2023.
Three Months Ended
March 31,
20242023
Beginning balance$310 $158 
Credit loss expense (benefit) 104 
Ending balance$310 $262 
Securities - Available for Sale. A summary of the amortized cost, fair value and allowance for credit losses related to securities available for sale as of March 31, 2024 and December 31, 2023 is presented below.
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance
for Credit
Losses
Estimated
Fair Value
March 31, 2024
U.S. Treasury$4,181,301 $ $308,729 $ $3,872,572 
Residential mortgage-backed securities
7,472,195 4,796 1,004,366  6,472,625 
States and political subdivisions
5,071,259 2,313 280,056  4,793,516 
Other42,870    42,870 
Total$16,767,625 $7,109 $1,593,151 $ $15,181,583 
December 31, 2023
U.S. Treasury$5,212,894 $ $285,305 $ $4,927,589 
Residential mortgage-backed securities
7,463,954 9,066 876,338  6,596,682 
States and political subdivisions
5,245,721 5,762 240,152  5,011,331 
Other42,769    42,769 
Total$17,965,338 $14,828 $1,401,795 $ $16,578,371 
All mortgage-backed securities included in the above table were issued by U.S. government agencies and corporations. At March 31, 2024, all of the securities in our available for sale municipal bond portfolio were issued by the State of Texas or political subdivisions or agencies within the State of Texas, of which approximately 72.4% are either guaranteed by the Texas Permanent School Fund (“PSF”) or have been pre-refunded. Securities with limited marketability, such as stock in the Federal Reserve Bank and the Federal Home Loan Bank, are carried at cost and are reported as other available for sale securities in the table above. The carrying value of available-for-sale securities pledged to secure public funds, trust deposits, repurchase agreements and for other purposes, as required or permitted by law was $5.9 billion and $6.1 billion at March 31, 2024 and December 31, 2023, respectively. Accrued interest receivable on available-for-sale securities totaled $78.5 million and $114.9 million at March 31, 2024 and December 31, 2023, respectively, and is included in accrued interest receivable and other assets in the accompanying consolidated balance sheets.
The table below summarizes, as of March 31, 2024, securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by type of security and length of time in a continuous unrealized loss position.
Less than 12 MonthsMore than 12 MonthsTotal
Estimated
Fair Value
Unrealized
Losses
Estimated
Fair Value
Unrealized
Losses
Estimated
Fair Value
Unrealized
Losses
U.S. Treasury$ $ $3,872,572 $308,729 $3,872,572 $308,729 
Residential mortgage-backed securities376,347 3,974 5,633,391 1,000,392 6,009,738 1,004,366 
States and political subdivisions780,308 6,535 3,740,945 273,521 4,521,253 280,056 
Total$1,156,655 $10,509 $13,246,908 $1,582,642 $14,403,563 $1,593,151 
As of March 31, 2024, no allowance for credit losses has been recognized on available for sale securities in an unrealized loss position as management does not believe any of the securities are impaired due to reasons of credit quality. This is based upon our analysis of the underlying risk characteristics, including credit ratings, and other qualitative factors related to our available for sale securities and in consideration of our historical credit loss experience and internal forecasts. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. Furthermore, management does not have the intent to sell any of the securities classified as available for sale in the table above and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost. The
10

unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline.
Contractual Maturities. The following table summarizes the maturity distribution schedule of securities held to maturity and securities available for sale as of March 31, 2024. Mortgage-backed securities are included in maturity categories based on their stated maturity date. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Other securities classified as available for sale include stock in the Federal Reserve Bank and the Federal Home Loan Bank, which have no maturity date. These securities have been included in the total column only.
Within 1 Year1 - 5 Years5 - 10 YearsAfter 10 YearsTotal
Held To Maturity
Amortized Cost
Residential mortgage-backed securities$ $ $511,806 $727,614 $1,239,420 
States and political subdivisions9,131 4,281 52,003 2,294,704 2,360,119 
Other1,500    1,500 
Total$10,631 $4,281 $563,809 $3,022,318 $3,601,039 
Estimated Fair Value
Residential mortgage-backed securities$ $ $455,963 $714,388 $1,170,351 
States and political subdivisions9,092 4,268 50,260 2,215,879 2,279,499 
Other1,466    1,466 
Total$10,558 $4,268 $506,223 $2,930,267 $3,451,316 
Available For Sale
Amortized Cost
U. S. Treasury$499,348 $3,291,567 $197,882 $192,504 $4,181,301 
Residential mortgage-backed securities1,348 1,272 13,807 7,455,768 7,472,195 
States and political subdivisions228,757 234,591 848,067 3,759,844 5,071,259 
Other    42,870 
Total$729,453 $3,527,430 $1,059,756 $11,408,116 $16,767,625 
Estimated Fair Value
U. S. Treasury$486,430 $3,082,345 $164,133 $139,664 $3,872,572 
Residential mortgage-backed securities1,333 1,275 13,793 6,456,224 6,472,625 
States and political subdivisions228,134 231,649 817,088 3,516,645 4,793,516 
Other    42,870 
Total$715,897 $3,315,269 $995,014 $10,112,533 $15,181,583 
Sales of Securities. Sales of available for sale securities were as follows:
Three Months Ended
March 31,
20242023
Proceeds from sales$ $884,273 
Gross realized gains 4,856 
Gross realized losses (4,835)
Tax (expense) benefit of securities gains/losses (4)
Premiums and Discounts. Premium amortization and discount accretion included in interest income on securities was as follows:
Three Months Ended
March 31,
20242023
Premium amortization$(17,953)$(25,925)
Discount accretion4,705 5,405 
Net (premium amortization) discount accretion$(13,248)$(20,520)
11

Trading Account Securities. Trading account securities, at estimated fair value, were as follows:
March 31,
2024
December 31,
2023
U.S. Treasury$29,608 $30,265 
States and political subdivisions10,037 1,452 
Total$39,645 $31,717 
Net gains and losses on trading account securities were as follows:
Three Months Ended
March 31,
20242023
Net gain on sales transactions$1,159 $968 
Net mark-to-market gains (losses)(19)(17)
Net gain (loss) on trading account securities$1,140 $951 
Note 3 - Loans
Loans were as follows:
March 31,
2024
December 31,
2023
Commercial and industrial$6,108,136 $5,967,182 
Energy:
Production663,436 681,568 
Service195,227 194,126 
Other79,217 61,043 
Total energy937,880 936,737 
Commercial real estate:
Commercial mortgages6,980,116 6,746,709 
Construction1,772,416 1,680,724 
Land568,106 555,211 
Total commercial real estate9,320,638 8,982,644 
Consumer real estate:
Home equity lines of credit810,053 792,876 
Home equity loans731,736 694,966 
Home improvement loans786,681 765,887 
Other230,200 206,997 
Total consumer real estate2,558,670 2,460,726 
Total real estate